Cromwell European REIT - RHB Invest 2023-08-15: Solid Execution; Keep BUY

Cromwell European REIT - Solid Execution; Keep BUY

Cromwell REIT (SGX:CWBU) | SGinvestors.ioCromwell REIT (SGX:CWBU)
  • 1H core operational results were in line. Cromwell European REIT delivered another resilient operational quarter with stable occupancy and positive rent reversions, which is expected to continue.
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1H23 adjusted DPU declined 4.5% y-o-y

  • Cromwell European REIT (SGX:CWBU)'s 1H23 adjusted DPU declined 4.5% y-o-y, mainly on the back of higher interest costs. Headline DPU declined 10.4% y-o-y as this included income contribution for the last year from two assets that are currently undergoing redevelopment. See Cromwell REIT's distribution date.
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  • Cromwell European REIT's portfolio value also held up much better with just a marginal decline of 1.6%, as the impact of higher cap rates were offset by improved occupancy and rent growth.

Making good progress on portfolio rebalancing strategy.

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Vijay Natarajan RHB Securities Research | 2023-08-15

Previous report by RHB:
2023-07-03 Cromwell European REIT - Divestment Plans Set In Motion; BUY.

Price targets by other brokers at Cromwell REIT Target Prices.

Listing of research reports at Cromwell REIT Analyst Reports.

Relevant links:
Cromwell REIT Share Price History,
Cromwell REIT Announcements,
Cromwell REIT Dividends & Corporate Actions,
Cromwell REIT News Articles


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